On January 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued two new advisory opinions: Fair Credit Reporting; Background Screening and Fair Credit Reporting; File Disclosure. The advisory opinions are part of the CFPB’s ongoing efforts to clean up what the CFPB describes in its press release as allegedly “sloppy” credit reporting practices and ensure credit report accuracy and transparency to consumers.… Continue Reading
AFSA and Several Other Trade Associations Urge Second Circuit to Reject CFPB’s Expanded Interpretation of FCRA Reasonable Procedures for Maximum Accuracy Requirement
Earlier this year, the CFPB and the FTC filed an amicus brief in an appeal to the Second Circuit, arguing that the Court should reject the District Court’s “unduly narrow” interpretation of the FCRA requirement that consumer reporting agencies (CRAs) follow reasonable procedures to assure accuracy of information included in consumer reports.… Continue Reading
CFPB and FTC Urge Second Circuit to adopt expansive interpretation of FCRA Reasonable Procedures for Maximum Accuracy Requirement
The CFPB and the FTC recently filed an amicus brief in an appeal to the Second Circuit, arguing that the Court should reject the District Court’s “unduly narrow” interpretation of the FCRA requirement that consumer reporting agencies (CRAs) follow reasonable procedures to assure accuracy of information included in consumer reports.
In Sessa v.… Continue Reading
CFPB proposes rule for credit reports issued on human trafficking survivors
To implement recent amendments to the Fair Credit Reporting Act (FCRA), the Consumer Financial Protection Bureau (CFPB) has proposed a rule intended to assist survivors of trafficking. The rule would establish a way for survivors to submit documentation to consumer reporting agencies (CRAs) identifying any “adverse item of information” about the consumer resulting from human trafficking, and would prohibit CRAs from furnishing consumer reports containing such information.… Continue Reading
Cordray outlines initial supervision priorities for credit reporting agencies
During the CFPB’s field hearing today in Detroit, Michigan, Director Cordray was clear in his opening remarks about what the Bureau sees as its supervisory priorities once it begins examining credit reporting agencies (CRAs) starting in September. Cordray outlined three priorities:
1) Ensuring the accuracy of information received by CRAs. … Continue Reading